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a centralized state of economy to a mixed economy that evolves from central state economy aspects and some market aspects, but not in the manner that actually allowed the market to be efficient at all. >> when did this change occur from centralized next? >> most of these countries, the late developed countries, they underwent a period where they had to actually involve the masses in order to gain support. and legitimacy. when this process, for a variety of reasons began to create problems for the regimes in power, and when external support and pressure for some of these regimes and for some of the directions that were unable at the time moving towards a market economy around the 1980s took place, you saw a lot of these third world regimes, or the global south, begin to move from a central economy to more market oriented economy and the international financial institutions like the imf and the world bank played a role in doing so, because they would literally place condition now is on loans. the conditionality and called moving markets into the economy. >> what role does the assad regime pl
. the latest gdp provisions looks like the economy may finally genuinely be in a real recovery. it increased by 3.1%. of course, we've been here before many times over the past four years and each time it appears that the economy is going to achieve a philosophy, it gets pulled back to earth. there are two issues. cyclical, how and when we will once achieve full employment and strong growth and structural issues, what aspects do the fundamentals of our country work and not work. barack obama has insisted it won't be enough to cover the downturn and the economy needs fundamental reform and invention. >> i know that we'll have to overcome our doubts and our divisions and we're going to have to overcome a determined opposition of powerful special interests before we can truly reform a broken economy and advanced opportunity. >> if we take seriously the idea of emerging from the great crisis into a radically new economy, be there are core questions about what that economy will look like that almost no one in our political class is asking. what is the proper role of finance, a sector that account
that we can put it behind us and focus on just growing our economy. >> the plan would permanently raise taxes on households making more than $450,000 while continuing tax breaks from businesses and extend unemployment benefits through 2013 and keep popular tax credits for middle class families until 2018. a decision on spending cuts has been delayed until march. stock markets begin the new year on wednesday when washington will find out what wall street thinks of congress' last ditch compromise. >> we will talk more about this latest deal. for that i am joined by our business correspondent. as we heard hard fought compromise in the senate at least but not everybody seems to be too satisfied. >> it is a compromise. both sides had to withdraw from their original positions. democrats wanted to raise taxes for yearly family incomes starting at $25,000. now it has been pushed to $450,000. if you look at the republicans they preferred to not raise any taxes at all. that idea did not succeed at all. but there is a feeling of relief that the deal has been reached. you have to keep in mind the c
reached a deal to stop tax rises in spending cuts from damaging the american and the global economy? hillary clinton is being treated at this hospital in new york. she has a blood clot. there's concern over the health of the venezuelan president who has suffered complications after cancer surgery in cuba. walk into bbc world news. coming up, and look back at the british troops as they prepared handover to afghan forces. new zealand becomes the first major city to welcome 2013. time is running out for politicians in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that
. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> alas, this is how we do things now, create economic storms then look to provide an umbrella at the last possible second. we avert disaster but move no closer to solving our long-term economic problems. after a moment of spiritual clarity on friday afternoon, harry reid is working on a bipartisan deal ostensibly with his republican adversary mitch mcconnell. >> -- engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. >> well, if the senate manages to reach a compromise, the hope is that the house would follow. that's option one. the green one. option two is less certain. president obama reportedly challenged congressional leaders from both parties on friday to come up with a deal better than the one he proposed. the center piece of which is that the top marginal tax rate will incr
still waiting. wh but would no deal be better for the fiscal economy than a rushed deal. brenda buttner, bulls and bears. gary b smith, tobin smith. jonas max ferris. a no deal better than a bad deal. >> it would create more uncertainty or one of the deals they're talking about, which is raising taxes and now, and they trust us, we'll get to the spending cuts later on, let's not worry about that right now. the last thing we want to see is a weak-need congress and a weak-willed president patting themselves on the back because they have some watered down deal. i think they need to feel some pain, i think they need to see he the implications in the markets, in the economy, so, yes, i think no deal right now is better than a bad deal. >> okay, gary b, jim mentioned the market, let me play wall street on tv. basically i'm sick of this. i'm going to keep heading south because the uncertainty, the anxiety is killing me. if we had any kind of deal, at least we might see stocks move up a bit. that would be good for our 401(k)'s, wouldn't it? >> that's exactly my perspective, brenda. this was a r
did not reach a deal, the economy would fall over the fiscal cliff, back into recession. u.s. president barack obama said he succeeded in increasing taxes for the rich in the face of protests from republicans. >> there is a path forward, that it is possible, if we focus not on our politics but what's right for the country. the one thing i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> obama suggested he would sign the bill, but he suggested lawmakers would need to revisit their discussions to bring down the federal deficit. >>> the efforts to avoid the fiscal cliff in the u.s. gave asian markets a boost. share prices gained ground in the first trading session of the year. the hong kong stock exchange saw many buy orders after it opened on wednesday. the key hang seng index closed 2.9% higher than it did on december 31st and even surpassed last year's high the benchmark index in south korea rose 1.7% from the 2012 c
in europe of binding disparate economies by means of common currency. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily. missouri and washington state are as different as germany and greece. what is it that keeps the united states together? you had a great depression here in the 1930's. things were awful. and yet, i do not believe there were any political movements to get rid of the deficit states from the united states, like there are in europe and portugal and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory t
and its potential impact on our economy brought lawmakers from both houses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confidence and some statements by congressional leaders. and yet, with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that, according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders and remind customers in our nation's capital to come together. >> wall street is typically quieter t
tomorrow. so we will have avoided a catastrophic event for the economy but we still could have done better with the timing. adam: let's point out some of the details what's in the work in senate. we understand the deal, at least for taxes which mitch mcconnell, said, taken care of. taxes going up for anybody making 400,000, single person, $450,000 for a married couple. we understand that. as soon as it gets to the house, tomorrow? and when could the house vote on this. >> assuming speaker boehner brings the senate bill to the house floor for a vote. we don't have confirmmation he will do that, it could be as early as tomorrow morning assuming the senate acts, at which point we pass it to get it on the president's desk by the end of the day tomorrow. adam: it doesn't include any of the spending cuts that republicans have been adamant about getting. spending out of control. democrats and republicans agree upon that. how does speaker boehner rally members of his caucus who did not rally behind him about a week ago if there are no spending cuts? >> a couple of things. remember the sequestratio
new cabinet is taking all the challenges the country faces, including a sluggish economy and last year's disaster. abe explained in his news conference his cabinet is designed to overcome the crisis. he says reviving the economy is a top priority. >> translator: a strong economy is the basis of japan's power. reviving a strong economy is essential to japan's future. my cabinet will carry out bold financial policies, well-timed fiscal policies and a strategy to encourage private investment toward economic growth. my cabinet will carry out these economic policies and achieve results. >> are prime minister abe says he and his minister also devote energy to foreign policy. he says they will strengthen diplomatic and security policies. >> translator: we should rebuild our diplomacy to protect our national interests. we are facing many challenges in our relations with china, south korea and even with the united states on which japan's security is based. strengthening japan/ize lie yans is the first step toward rebuilding japan's diplomacy and security. >> abe promised the central government
hurts the economy. it's quite possible that's true. the central question is whether it will hurt that much to raise incox taxes a little bit on the highest part of the highest earners in the country. to push the country to the edge of a recession over this is quite irresponsible. the increase in taxes will hardly affect the economy. but you know, that's my opinion. my opinion should count as much as anyone else's. the problem is in washington, one person's opinion carries disproportionate weight. that person is grover norquist, the head of americans for tax reform. a group that's got a pledge that most members of the republican congress signed saying they won't raise taxes under any circumstances. i spoke to norquist after friday and asked him about taxes and almost relimgous belief that tax increases, any tax increase is bad for the economy. >> we've seen that whenever you raise the capital gains tax. the top margins tax, tax increases distract from what the country needs to do. we need to deal with our run-away government spending, the government is spending too much money. tax
will have a strong economy if we continue to punish people who produce and somehow reward people who don't. and we have also had a foreign policy that is supposed to make a stronger and more respected, but it hasn't worked out either. let's just put it this way. if that is flexibility, we all better learn to be very flexible the next four years. earlier this month susan rice withdrew her name from consideration from post of secretary of state. that's after strong opposition to her potential nomination. republicans were critical of her after she went on five different sunday news shows. she gave this explanation for the terrorist attacks that killed four americans in benghazi, libya on september 11th. >> the best assessment we have is that in fact this was not a pre planned, premeditated attack. what happened initially was a spontaneous reaction to what had just transpired in cairo. it was a consequence of the video that people gathered outside the embassy, and then it grew very violent. those with extremist ties joined the fray and came with heavy weapons which unfortunately are quite co
's most important economy. it is vital for 140 million middle class families whose tax cuts are made permanent. it is vital for 2 million unemployed american workers who need a continuation of insurance while they continue to look for work. it is vital for 30 million middle income americans who otherwise would have been hit by the alternative minimum tax. it is vital for 25 million working families and students who benefit from the child tax credit. in the american opportunity tax credit, which helps families pay for college and vital for doctors in millions of their patients who would have been hurt by drastic cuts in medicare reimbursement rates. it is also vital for businesses to an extension of important tax provisions such as the research and development credit, and also, renewable energy incentives that must continue in this great country of ours. and bonus depreciation to encourage business investments. i want to emphasize this somewhat with in contrast to what our chairman has said. this legislation breaks the iron barrier that for far too long has prevented additional tax re
weather warnings. it is down to the wire. scramble since we have watched the economy go off the major cliff. president obama is saying they will have a agreement. this later on america's news headquarters. now back to forbes on fox . for all of your latest headlines. >> as the clock ticks down. new report shows that american workers are not using up all of the vacation time. they are said to be seen as lazy and losing their job. this is a good sign for the economy. how so, steve. not for those two reasons . we don't have too much vacation or little. we do it just right. europe had work like we did. you want lopping beer vacation you can have a stagnant economy like europe. we raise taxes we'll have longer vacation but fewer jobbings. >> you are right. we don't want to be like the french. and people here in the united states and government union. and i was on vacation and check my blackberry and read a rick unger e-mail while on vacation. >> you are never on vacation. >> you work it anyway. nine out of the 10 are checking their work phones. any time to rejuvenate and come back ragged.
hurt the economy? sure, no question. however, if we go off the debt limit cliff, that will have dire implications for not only our economy, but the world economy, and house republicans are very much aware of this. i spoke to a number of house republicans who are very close to leadership and they kept reiterating they shed too much blood on this tax hike, but they are preparing their powder for this debt limit. the idea president obama is not going to negotiate over it, i think, is going to be very difficult, because house republicans see this as their trump card. they are willing to bring the president, bring the economy as close to the edge, as close to the knees, as they can in exchange for spending cuts. boehner has this rule he very much believes in. boehner now, especially after this, has to appear strong to his conference. they are going to ask for an exchange for every dollar the debt limit has raised for adjoining spending cut, not to mention, joanne, they know some concessions democrats are willing to make, medicare entry rates, changing social security. they are not going t
, the economy. some say no matter what the damage has been done. we have money panel with wisdom to heelp us get through all of this. scott martin, is also a spewed baker fan. kill holme, and stephen hayes, writer at weekly standard and fox news contributor. i want to start with kim. from a small business perspective, this deal to on tax people who make 400,000, the, does that spare small business that might look at their funds as a pass-through when it comes tax time or will this still be horrendous for the >> it is horrendous and horrendous for myself and my action and those of us who have flow-down through s-corps. i certainly think they made some progress but, you know, obviously as somebody said earlier in the day, taxation does not lead to prosperity. certainly would like to use that money for something else. buying equipment. bringing on new employees and expanding our business. adam: steve hayes, let me ask you and pick up where kim was just speaking the national federation of independent businesses estimate 75% of small business which we know is the powerhouse, the dynamo of job creatio
start program, a job corps to retrain adults for an increasingly postindustrial economy and vista, volunteers in service to america, often described as a domestic peace corps. there were programs stressing community leadership, local planning with federal funds, and there were legal services for the poor. in time the war on poverty raised up resentment from some public officials who were challenged by the fewly-empowered poor. newly-empowered poor. meanwhile, slowly but inexorably, the war in vietnam drew funding away from slave's operation. offered a choice between war in asia and the war in poverty, johnson reluctantly took the military option. shriver opposed this reordering of priorities, generating the observation in washington and elsewhere, quote: like the poor, we have shriver always with us, end of quote. nevertheless, between 1964 and 1968 one-third of america's poor moved upward out of poverty. by the spring of 1968, tension over the budget priorities led shriver to give up on what had become an impossible task and to take the ambassadorship to france. when the democrat
any patients for a politically self-inflicted wound to our economy. >> the president said he was modestly optimistic that the january 1 deadline for the fiscal cliff could be averted, but that is contingent on a vote in the senate on a compromise bill, and that will have to get an up or down vote. there is a majority for that, with some tax increases for upper-income people. the question is what level would be acceptable to republicans. more crucial to that is, whatever the senate proposes and passes on to the house, will it be acceptable to the majority of republicans in the house, who control that body? if it is not, we may be having another confrontation, and go past the january 1 deadline, and we could see those tax increases go into effect. again, there is the fallback position. if the pressure on the republicans is great enough, they may have to change their position after january 1. congress can always pass something retroactively, which would have an effect retroactively. but the damage would be done to the republican image of being a constructive element in these neg
. >> there is a 5% county hotel tax. so visitors that spend the night here will contribute to our economy as well. >> the county plans its budget with some presumed revenue from games, but postseason play is bonus money. >>> the profits come for the businesses, too. this kind of success gets people to buy merchandise even if they wouldn't normally do it. >> i'm going to wear my jersey and i'm going to hang out with him, and i'm going to cheer loud, like i've been a fan all my life. >> this is for my sister-in- law. i hope it's on tv and she sees it. we have a wager tonight. i'm preparing for the wager loss. >> won't be surprised to learn that rg3's jersey is popular. it's the highest selling jersey in the nfl since the league started keeping track in 2006. >>> the sticking points are til namely the income level for higher tax rates and what to do about the inheritance tax. congress is working tonight at finding some way to avert the so-called fiscal cliff. the usual complaints have not ended, each side casting blame on the other. the vice president came back from delaware to talk with senator mit
things to help the economy. it fell way short of all the promises. it is a failed stimulus plan. so these are bills that the president has committed america too that i don't support. melissa: right. >> i want to cut spending additionally for any dollar increase in the debt ceiling. melissa: who would extend more credit to someone who hasn't put a a plan together to live within their means in the future? how about that for a response? >> it is a good response. why would china continue to lend us money. we're borrowing $40 of every dollar we spend. he didn't want children to grow up in a nation burdened with debt but he has done nothing, absolutely nothing, melissa, to really focus on the real problem in this country which is our debt. it is the greatest threat to our national security. melissa: please do something about the debt because moody's here warning. they are nonpartisan, financial organization rating agency looking at numbers and crunching the math. they are saying this doesn't work. we'll turn into greece at some point and they want to downgrade our rating. >> they actually
the senate, we will go over the fiscal cliff. the u.s. economy will likely do a belly flop or the u.s. economy holding on for its your life depending on the fiscal cliff outcome. rich edson on capitol hill with the latest on if there will be a vote and the vice president getting involved once again. what is the latest? >> he will arrive sometime this evening because there are a number of senate democrats have issue with the framework between vice president joe biden, the senator himself and senate minority leader mitch mcconnell. the framework of that, the tax portion is a done deal exempting income of $400,000 for individuals, $450,000 for married couples, families from a tax increase. it also puts the capital gains tax keeping it consistent to me to those rates for income above that capital gains tax goes to 20%. presley patches the minimum tax ensuring live we as americans dt have to pay the estate tax goes to 40% on all mounts of $5 million a one-year extension of long-term unemployment benefits as part of this. also what is known as the medicare doctors getting a pay cut every
economy, that means consumers have a lot less money to make purchases, which means businesses are going to have a lot less customers, which means that they're less likely to hire, and the whole economy could slow down at a time when the economy's starting to pick up and we're seeing signs of recovery in housing and employment numbers improving. and so what congress needs to do, first and foremost, is to prevent taxes from going up for the vast majority of americans. and this was a major topic of discussion throughout the campaign. what i said was is that we should keep taxes where they are for 98% of americans, 97% of small businesses, but if we're serious about deficit reduction, we should make sure that the wealthier are paying a little bit more and combine that with spending cuts to reduce our deficit and put our economy on a long-term trajectory of growth. we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership, and i suggested to them if they can't
. and for the average family, that could mean a loss of $2,000 in income. for the entire economy, that means consumers have a lot less money to make purchases, which means businesses are going to have a lot less customers, which means that they're less likely to hire and the whole economy could slow down at a time when the economy is starting to pick up and we're seeing signs of recovery in housing and employment numbers improving. so what congress needs to do first and foremost, is to prevent taxes from going up for the vast majority of americans. and this was a major topic of discussion throughout the campaign. what i said was, that we should keep taxes where they are for 98% of americans. 97% of small businesses. but if we're serious about deficit reduction, we should make sure that the wealthy are paying a little bit more and combine that with spending cuts to reduce our deficit and put our economy on a long-term trajectory of growth. we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another me
, and looking forward, is the economy headed for rebound orie session? will the new year bring a with iran? our panel is here with their prediction. >>> welcome to this special edition of "the journal editorial report" as we look back at the year that was and the challenges that face us in 2013. first to our stories of 2012 and america's left turn from the supreme court's landmark health care decision to the re-election of president barack obama, politics on the national level headed in a decidedly liberal direction. so what happened? and what does it mean for the country going forward? joining the panel this week, "wall streetf journal" columnist and political diary editor jason riley and washington columnist kim strossel. dan, we would like to say for a longtime we live in a center right country. if you l look at the last two presidential elections, that doesn't seem to be the case. are we living in a new progressive era? >> in terms of the presidency, i think we are, paul. i am not sure about the country. i think what barack obama has in mind to do is indeed to redistribute income from the t
with the strengthening of the chinese economy, the rise of the chinese middle class, and the approaching chinese new year's which what's to follow on your birthday, february 10th, i believe that whether it's an mgm, which i love, alvs or a wynn resorts, i think they got great momentum going forward and i think they should be bought right now. what do you think? >> i'm in tote agreement, i think that that group is terrific. i like mgm on a spec basis, butdy that back in 2012. and wynn? best in show. new year, new attitude. i'm letting everybody else play the gloom game. excuse me, i'm looking for the next big thing. there might be a smokescreen from washington, i can help you see through it and i don't need rose-colored glasses to do so. >>> coming up, fireworks? the markets fired like confetti cannons, starting off 2013 on hand some game on the back of a fiscal cliff deal. but can it continue? cramer takes on the technicals to find out when he goes, "off the charts." and later, ready to ride? cramer is putting the pedal to the metal to find out which stock could be the best performing name of 2013. get r
. they are said to be seen as lazy and losing their job. this is a good sign for the economy. how so, steve. not for those two reasons . we don't have too much vacation or little. we do it just right. europe had work like we did. you want lopping beer vacation you can have a stagnant economy like europe. we rise taxes we'll havave loer vacation but fewer jobbings. >> you are right. we don't want to be like the french. and people here in the united states and government union. and i was on vacation and check my blackberry and read a rick unger e-mail while on vacation. >> you are never on vacation. >> you work it anyway. nine out of the 10 are checking their work phones. any time to rejuvenate and comeack ragged. >> we need that vacation time to work better. >> when you say economy you arealking about gdp. good or ill it is major transaction. have everyone never talk a day off and work 60 hours a week. steve is protesting that. >> there is it a correlation between vacation time and increased productity. a 2010tudy show that americans fe refreshed and better about their jobs coming back it is
in a difficult economy with little clarity. >> the economy will go down sharply. >> look at the number from the tax policy center. this is the average tax hit the families take on top of what they pay on taxes. those make between $40,000 and $50,000 pay extra $1700. >> if you manage to make over $200,000, it will be a big jump up. you will need to send a check to uncle sam for $14,000 initial dollars. $500,000 to $1 million pays $34,000 more. they want $215,000 on top of what you pay in taxes. >> the wealth manager says the money you have left as far as businesses also deal with their own tax hikes. >> you are going to see less money in your paycheck. >> the government has to bite the bullet with $1.2 trillion in spending cuts. more than half of that is to the defense budget. >> they say families may need austerity calculation before making big purchases. look at the money you have and the money you need in the future to decide if you need the next big picture. doug? >> doug: thank you, molly. residents of the webster new york neighborhood set ablaze christmas eve have been allowed to retur
takes a look back at all the major reviews. the debates with the prime minister on the british economy and the european union budget. the british parliament is in recess for the holidays. members return on january 7th. >> hello there. and welcome to the west minister review. our look back at the big events in parliament over the last three months. coming up in this program, the chancellor delivers the latest bleak economic view? his budget. david cameron's bench urges him to stand up to europe. >> i support absolutely. >> the ugly specter of child abuse hits the deadlines with some dramatic consequences. lord justin levisohn delivers his plan on press standards. >> we should be wary of any legislation that has the potential to infringe free speech and a free press. >> the queen sits in on a cabinet meeting at number 10. but let's begin with the subject which has dominated politics and our pockets for many months, the state of our economy. at the start of december the chancellor came to deliver his autumn statement or mini budget. it set out the latest figures for the growth, tax and be
negative about the economy next year. if you look at projections of 2013, people generally felt the economy would continue to grow, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. and if, you know, people start seeing that on january 1st this problem still hasn't been solved, that we haven't seen the deficit reduction that we could have had had the republicans been willing to take the deal that i gave them, if they say that people's taxes have gone up, which means consumer spending is going to be depressed, then, obviously, that's going to have an adverse reaction in the markets. >> what about automatic spending cuts? those take effect january 1st, as well. do they have to be part of this deal? you've got half of those cuts in defense law? >> well, congress agreed they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some
about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in the u.s. congress. if democrats and republicans cannot come to an agreement on resolving the fiscal cliff by year end, sudden tax increases and drastic budget cuts will take effect and would dramatically slow the u.s. economy. let's look into the two main components of the fiscal cliff. first, taxes. democrats want to let tax cuts for the wealthy to expire but republicans are generally opposed to the plan. individuals would be hit with huge tax hikes if lawmakers cannot find common ground. second component of the fiscal cliff is large federal spending cuts. the cuts will take effect if the two parties fail to strike a deal. spending would be reduced in areas such as health care which democrats oppose. the defense budget would also be cut. republicans are against that happening. the u.s. congressional budget offic
-largest economy. signs of growing property bubble are causing concern. >> it is the big economic fear for the coming year, but no amount of seasonal dressing up can hide it. a slowing economy and a huge oversupply of new buildings, leading to a possible bubble that could burst. this has been touted as the country's manhattan, with nearly 50 skyscrapers under construction. but signs here. to an economy that is running out of steam. >> many others have stopped work because they have run out of money. many workers have not been paid because their construction site has shut down. it is a common problem. >> creating prosperity at any cost has long been the guiding principle for the chinese leadership. the fact that it has managed to achieve it so far has created issues. when power is conferred on the new politburo in the spring, all sides will be on how they manage the economy, on which the aspirations of millions depend. in this town, property agents descend on buyers, many from nearby beijing, driven away from the capital by record prices. peri paid about $1,000 u.s. fo square meter. >>
that are really, really damaging to this country and this economy. tore if you. >> tom: if you listen to the congressional office. help us out. they say the tax cuts approved will add $4 trillion to the debt over the next 10 years, to sequester the coming spending cuts if enacted as planned, that will cut $1.2 trillion. so net-net, we still have red ink. >> we're on track to be adding trillions and trillions of dollars to the debt over the next decade. what we want to do is -- remember back in the old days, we used to talk about balancing the budget. we're nowhere close to being able to do that now. what we want to do is get this budget to a point where the debt is not growing faster than the overall economy, where we stabilized the debt and we're actually putting it on a downward path. this deal doesn't come close to do that. doing that. we extended trillions of dollars with tax cuts. and people weren't willing to let taxes go up on most americans. but let's not forget we're going to have to raise revenues as part of a budget deal, and we only raised a small amount. democrats wanted
the economy and ultimately his legacy. even though he can blame republicans in the short-term in the long term when they look back to this period this is going to attach to the president. is he feeling now an obligation to finally lead on this issue. and hopefully he will bring some democrats in the house and the senate along but it's going to have to be something that republicans can support. republicans are not going to a . and obviously so we're going to be very interested in the particulars of this as they begin to emerge. i'm just glad finally that the president is here. but to your point, it is true a lot of democrats get what they want. they get higher taxes automatically on january 1st. and they get steep cuts in the defense budget. but i will tell you what, there are an awful lot of people that would be hurt by that particularly small businesses and job creators and that's why it is so important that we do everything we can to get an outcome here that doesn't hurt jobs and the economy. >> this is, again, i don't get this. the president says he is worried about this having an impact on
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